Interim Results for six months ended 30 June 2026
Summary by AI BETAClose X
28 September 2026
Metir plc
("Metir" or the "Group")
Interim Results for the six months ended 30 June 2026
Metir plc (AIM: MET), the leading global provider of fast response mobile and point-of-use water and environmental testing technology, today announces its unaudited interim results for the six months ended 30 June 2026 ("H1 26").
Financial highlights
- Revenue of £367k (H1 2025: £919k), reflecting lower equipment revenues and a temporary interruption to production of the Group’s QuickChek® Sulphate Reducing Bacteria ("SRB") kits, ongoing Middle East conflict delaying the Group’s Continuous Toxicity Monitoring ("CTM") Phase 1 project completion and sales of Microtox® reagents in Qatar.
- Gross margin increased to 46.3% (H1 2025: 38.3%), reflecting continued focus on improving the economics of the Group's product portfolio.
- Operating expenses of £713k are higher than the prior year (H1 2025: £656k), as the Group added more technical and commercial resources to drive growth.
- Adjusted EBITDA loss of £512k (H1 2025: £261k), driven by lower sales over the period.
- Cash balance of approximately £188k (as at 25 September 2026); working capital remains constrained pending a fundraise.
Operational highlights
- Microtox® instrument and reagent sales developed more slowly than expected during the period, partly reflecting product availability. The Group invested in working capital and increased production during H1 to enable manufacturing and sales from stock.
- Pathogen Detector Phase 1 was successfully completed with Aptamer Group plc, achieving the technical feasibility milestone, and Phase 2 development commenced, targeting proof-of-concept performance.
- International distribution network expanded across the Middle East, Asia, and West Africa, providing additional commercial channels for Microtox® instruments and associated recurring reagent and consumable revenues.
- First commercial sale of Metir’s PFAS detection platform in the US to Nasdaq-listed Veralto; planned UK field-testing programme with ProDecon Services; MoU signed with FIDCHEM to evaluate AI and machine-learning integration; and agreement to acquire sole ownership of the PFAS measurement methodology developed with Swansea University to support ongoing research and development.
- QuickChek® SRB new antibody production quality control time extended to optimise product quality
- Final project handover of the Group’s 27-unit CTM installations in Qatar delayed due to the Middle East conflict that began during the period causing significant operational constraints with final project payments and Microtox® reagent consumable sales having to be postponed.
Post period end
- Kahramaa, Qatar’s national water company. confirmed that the Qatar CTM deployment forms part of a 10-year project, with intended Phase 2 expansion of a further 17 systems, increasing the installed base from 27 to 44 units, subject to tender. Following Phase 1 handover, expected in Q4 2026, recurring high-margin consumables revenues of approximately £30,000 per month are expected from the existing installation.
- Strong Microtox® commercial activity, with 144 customer quotations issued during 2026, including 83 for LX and FX instruments, and 19 Microtox® LX systems sold year to date.
- QuickChek® SRB production restarting, with deliveries expected from October 2026 and customer quotations for more than 20,500 kits, representing potential sales revenue of approximately £1.23m at 2025 pricing. The Group is developing a new antibody mass production method to meet all market demand starting in Q1 2027.
- Strategic MoUs signed with Portsmouth Aviation's Paqua division and MechLine-UK Ltd, providing further routes to market for Metir's technologies internationally and within the UK water sector.
- Successful completion of real-world field evaluation of Metir’s proprietary PFAS detection platform with ProDecon Services, with the resulting analytical data, including from the CISM project, being used by FIDCHEM to develop AI and machine-learning functionality to support wider commercial deployment.
- Pathogen Detector Phase 2 is progressing with Aptamer Group plc towards planned commercialisation in early 2027.
- Collaboration commenced with Puraffinity to evaluate Metir’s proprietary PFAS detection platform alongside its advanced PFAS removal technology, aiming to demonstrate an integrated “detect, treat and verify” approach in field applications.
- Collaboration with Swansea University continues, now with its Centre for Integrative Semiconductor Materials (“CISM”), using the Group’s Microsaic Systems PFAS detector in a PFAS waste stream measurement project for the semiconductor industry.
- Streamline Hydro appointed as distributor for Metir’s Modern Water product portfolio across Australia and New Zealand, further extending the Group’s international commercial coverage.
- Reached an agreement with Future Solutions Company, based in the Kingdom of Saudi Arabia (KSA), to validate and accredit Microtox® technology through the King Abdullah University of Science and Technology in Jeddah (KAUST) for use by the KSA National Water Company.
A copy of these interim results is being made available on the Group’s website at https://www.metirplc.com/investors/#documents, and hard copies will be sent to shareholders who have requested communications in that format.
Bob Moore, Executive Chairman and Chief Executive Officer, Metir plc, commented:
"While first-half revenue affecting cash flow was below our expectations, primarily reflecting lower equipment revenues, the temporary interruption to QuickChek® SRB production and disruption to the CTM project in Qatar, the Group has continued to strengthen the commercial and technology platform from which we expect to drive future growth. Encouragingly, gross margin increased to 46.3%, while commercial activity across Microtox®, PFAS and our new product programmes continues to build.
"Since the period end, we have seen further commercial momentum. We have now sold 19 Microtox® LX systems year-to-date. The Group is also preparing to restart QuickChek® SRB production in Q4 2026, moving to a mass production method in Q1 2027 to meet all customer demand. Metir has continued to progress the commercial deployment of our PFAS technology. Our work with Puraffinity and Swansea University’s CISM is building the technical evidence and commercial partnerships needed for adoption within the semiconductor manufacturing industry that continues to use PFAS chemicals in its manufacturing processes. Streamline Hydro's appointment further extends the international reach of our established Modern Water portfolio.
"The Qatar CTM project also demonstrates the recurring revenue potential of our growing installed base. Following Phase 1 handover, the existing 27-unit installation is expected to generate more than £30,000 per month in high-margin consumables revenue, with the potential Phase 2 expansion providing further opportunity. Strong interest in KSA for Microtox® technology will enable the Group to begin the validation and accreditation process for use by the National Water Company, which is expected to conclude in 2027.
"Our focus for the remainder of 2026 is firmly on execution: converting the commercial pipeline into sales, restarting SRB production to meet all demand in 2027, progressing PFAS commercialisation, building on our Middle East CTM project and advancing the Cryptosporidium Pathogen Detector towards launch.
"Metir has also strengthened its marketing and sales drive within the UK water industry. The Group’s technologies are well placed to monitor water and effluent safety and security with a unique offering of rapid detection, including measuring PFAS levels in the environment on site and outside of the laboratory.
"With delays impacting the year-to-date, pushing back sales, orders and revenue recognition from equipment and reagent orders, and with limited working capital to drive growth, the Board expects full-year revenue in 2026 to be lower than in 2025. However, the Board is determined to complete a fundraise in the short term sufficient to enter 2027 with increasing confidence that the business's latent value will be realised by commercialising our new technologies and building on existing ones. With the increasing multi-revenue stream potential of the Group developing into 2027, we believe Metir has an increasingly broad platform from which to build sustainable revenue growth and long-term shareholder value and that 2027 is capable of being a transformational year for the Group."
- Ends -
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Metir plc Bob Moore, Executive Chairman and Chief Executive Officer |
+44 (0) 20 3657 0050 via Turner Pope
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SPARK Advisory Partners Limited (Nominated Adviser) Andrew Emmott / James Keeshan
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+44 (0) 20 3368 3550 |
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Turner Pope Investments (TPI) Limited (Broker) Andy Thacker / Guy MacDougall |
+44 (0) 20 3657 0050 |
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Northstar Communications (Investor Relations) Sarah Hollins |
+44 (0) 113 730 3896 |
About Metir
Metir plc is a leading global provider of fast response, including mobile, point-of-use water and environmental testing technology. Through its two established trading divisions, Modern Water and Microsaic Systems, the Group develops and supplies innovative, easy-to-use solutions that deliver rapid, accurate water quality results, helping industries, utilities and regulators monitor safety and compliance in real time.
With a strong focus on data-driven insight and field-ready design, Metir’s technology supports critical decision-making across sectors, including environmental monitoring, public health and industrial process management.
Headquartered in Wetherby, UK, Metir serves worldwide customers and is dedicated to advancing water testing standards through innovative, accessible solutions.
For more information, please visit https://www.metirplc.com
Chairman and Chief Executive Officer’s Statement
The first half of 2026 has been a period of continued investment and commercial development for Metir as we build a scalable environmental monitoring business spanning rapid toxicity testing, contaminant detection and field-deployable chemical analysis.
Revenue for the period was below the Group’s expectations, primarily reflecting lower equipment revenues, the temporary interruption to QuickChek® SRB production, and the Middle East conflict delaying the handover of Phase 1 of its Continuous Toxicity Monitoring ("CTM") project in Qatar. However, the Group has continued to make progress across our commercial pipeline and product portfolio. Importantly, gross margin increased to 46.3% from 38.3% in H1 2025.
The Group’s strategy focuses on expanding the installed base of Metir technologies, introducing new products and increasing recurring, higher-margin revenue through QuickChek® SRB sales, Microtox® reagents, consumables and related analytical solutions. Alongside our established Microtox® technologies, we are advancing products addressing PFAS and waterborne pathogens, providing multiple potential routes to future revenue growth.
Financial performance
Revenue for the six months ended 30 June 2026 was £367,000 compared with £919,000 in H1 2025. Gross profit was £170,000, with gross margin increasing to 46.3% from 38.3%.
Operating expenses were £713,000 (H1 2025: £656,000), reflecting continued investment to support the Group's commercial and product development activities. Adjusted EBITDA loss was £512,000 (H1 2025: £261,000).
Cash at 30 June 2026 was £313,000, with the Group investing in working capital during the period to increase product availability and support anticipated customer demand.
Microtox® and Continuous Toxicity Monitoring
Microtox® remains central to the Group and provides an important foundation for future growth. Our commercial focus is on increasing the installed base of Microtox® instruments, securing further CTM projects in Qatar and potentially in KSA, creating opportunities for recurring revenue through reagents, consumables and support.
The Group has increased production of Microtox® LX instruments to enable sales from stock and customer trials. In 2026, we issued 144 customer quotations, including 83 for LX and FX instruments, and sold 19 Microtox® LX systems year to date. We are also continuing to expand our routes to market through our international distributor network across the Middle East, Asia and West Africa. Following the period end, Streamline Hydro was appointed as distributor for the Modern Water product portfolio across Australia and New Zealand, further strengthening our commercial coverage in the Asia-Pacific region.
Our 27-unit CTM installation in Qatar is a unique, world-first 24/7 online screening system for toxins in potable water. The project demonstrates both the scale at which we can deploy our technology and its recurring revenue potential. Following Phase 1 handover, now expected in Q4 2026 due to ongoing regional conflict, the existing installation is expected to generate more than £30,000 per month in high-margin consumables revenue. The customer, Qatar’s national water company, Kahramaa, has confirmed that the CTM deployment forms part of a 10-year programme, with the intention of a Phase 2 expansion to 17 additional systems, subject to tender.
The Group also sees an opportunity to develop the historically underpenetrated UK water market. Following the period end, we signed an MoU with MechLine-UK Ltd to introduce Microtox® technologies for testing and evaluation with several major UK water companies. Our MoU with Portsmouth Aviation's Paqua division provides another route to evaluate opportunities to combine water treatment and biological monitoring solutions across the GCC, the UK, and other international markets.
In September 2026, due to keen local interest in the Microtox® technology, the Group also reached an agreement with Future Solutions Company in the Kingdom of Saudi Arabia (KSA) to validate and accredit Microtox® technology through the King Abdullah University of Science and Technology in Jeddah (KAUST) for use by the KSA National Water Company.
PFAS
The Group continues to make progress towards commercialising our unique proprietary PFAS detection platform, based on Metir's miniaturised mass spectrometry technology. Our objective is to bring highly sensitive chemical analysis closer to the point of testing, reducing reliance on central laboratories and shortening the time between testing and remedial action.
During the period, the Group completed the first commercial sale of a PFAS detector unit in the US to Nasdaq-listed Veralto, structured on a lease-to-purchase basis. Metir also agreed to acquire sole ownership of the intellectual property underpinning the PFAS measurement method developed in collaboration with Swansea University and signed an MoU with FIDCHEM to evaluate integrating AI and machine-learning functionality into the platform.
Since the period end, field testing with ProDecon Services has successfully validated the platform under real-world, non-laboratory conditions. FIDCHEM will use the analytical data generated through this work to develop AI and machine-learning functionality that simplifies data interpretation and supports broader commercial deployment.
We are also progressing our collaboration with Swansea University, with its Centre for Integrative Semiconductor Materials (“CISM”) now using our PFAS detector in its research and testing activities. CISM specialises in developing semiconductor manufacturing processes in collaboration with industry, including the monitoring of PFAS in industrial waste streams.
In addition, we have commenced a programme with Puraffinity to evaluate whether Metir’s PFAS detection platform can be deployed alongside its advanced PFAS removal technology. The programme will assess the rapid, on-site measurement of PFAS concentrations before and after treatment, with the potential to demonstrate an integrated “detect, treat and verify” approach. Our collaboration with Puraffinity, with its PFAS removal-from-water capabilities, is a big step forward in this area, offering a market-leading combined solution.
Together, these initiatives are intended to support the development of Metir's technology as a unique field-deployable solution in the developing PFAS market.
QuickChek® SRB
Customer interest in our proprietary QuickChek® SRB kits has remained strong despite the temporary production interruption experienced during the period.
The Group has made significant progress in developing a replacement antibody designed to support a more robust and scalable manufacturing process. Production is expected to restart with deliveries in October 2026, followed by a planned increase towards full commercial production during the fourth quarter, moving to a new mass production method in Q1 2027 to meet all customer demand.
Customer requests for supply have continued during the production interruption, with quotations issued for more than 20,500 kits, representing potential sales revenue of approximately £1.23 million based on 2025 pricing. Converting this interest into sales as production restarts is an important near-term priority.
Pathogen Detector (Cryptosporidium)
Development of our rapid Pathogen Detector continues in collaboration with Aptamer Group plc. Following successful completion of the initial feasibility programme, Phase 2 is focused on generating the Optimer® binders required to detect Cryptosporidium and demonstrating proof-of-concept performance.
The Group continues to target completion of the Aptamer development programme ahead of planned commercialisation in early 2027, extending Metir's capabilities to rapidly detect specific waterborne pathogens.
Going concern
The Group is loss-making and requires access to funding to continue developing what the Board believes are valuable technologies and to find customers for the Group’s products. In the going concern statement in the annual report for the year ended 31 December 2025, the Company noted that a fundraising was planned and would be significant to the Company remaining a going concern. That fundraising has not yet been completed, but remains an acute priority. The Group has no debt other than creditors in the ordinary course of business.
In the event that a fundraising or access to additional working capital cannot be completed in the near term, it is likely that the Company would not be able to continue as a going concern. If the Company cannot continue as a going concern, it would enter an insolvency process almost immediately, and there would in all probability be no value for Shareholders once all liabilities had been settled. In such circumstances, the Ordinary Shares would cease trading on the London Stock Exchange.
Strategy and outlook
While first-half revenue was below our expectations due to the temporary setbacks, commercial activity across the Group has continued to strengthen. The improvement in gross margin is encouraging and demonstrates the potential for greater operating leverage as revenues scale and higher-margin reagents, consumables, and other recurring revenues grow. Our strategy is to make 2027 a transformational year for Metir.
Our priorities for the remainder of 2026 are clear: convert the growing Microtox® commercial pipeline into sales; complete the Qatar Phase 1 handover and commence associated recurring consumables revenues; restart and scale QuickChek® SRB production; progress commercial deployment of the PFAS platform, including through collaborations with ProDecon, FIDCHEM, Puraffinity, Swansea University and CISM; advance the Pathogen Detector towards commercialisation; and continue to expand our international and UK routes to market.
Due to temporary setbacks affecting the Group and cash flow, full-year revenue in 2026 is likely to be lower than in 2025. Revenue for the period and the rest of the year is deferred later than forecast. Nevertheless, we are expecting to move into 2027 with increasing confidence that the latent value of the business will be realised by commercialising our new technologies and building on existing ones.
Metir now combines established technologies with a growing portfolio of proprietary products, an expanding commercial pipeline and multiple opportunities to generate recurring revenues. Moving into 2027, the Board's focus is firmly on converting these opportunities into sustainable revenue growth, improving margins and delivering long-term value for shareholders.
Bob Moore
Executive Chairman and Chief Executive Officer
28 September 2026
STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2026
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|
|
6 months |
6 months |
Year to 31 |
|
|
|
|
to 30 June |
to 30 June |
December |
|
|
|
|
2026 |
2025 |
2025 |
|
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
|
|
|
|
|
|
|
|
|
£000s |
£000s |
£000s |
|
|
Revenue |
4 |
367 |
919 |
1,440 |
|
|
Cost of sales |
5 |
(197) |
(567) |
(876) |
|
|
Gross profit |
|
170 |
352 |
564 |
|
|
Other operating expenses |
|
(713) |
(656) |
(1,431) |
|
|
Total operating expenses |
|
(713) |
(656) |
(1,431) |
|
|
Loss from operations |
|
(543) |
(304) |
(867) |
|
|
Loss before tax |
|
(543) |
(304) |
(867) |
|
|
Tax on loss on ordinary activities |
|
28 |
- |
- |
|
|
Total comprehensive loss for the period |
|
(515) |
(304) |
(867) |
|
|
|
|
|
|
|
|
|
Loss per share attributable to the equity holders of |
|
|
|
|
|
|
the Company |
|
|
|
|
|
|
Basic and diluted loss per ordinary shares |
6 |
(0.21)p |
(0.16)p |
(0.35)p |
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STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT 30 JUNE 2026
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|
|
30 June |
30 June |
31 December |
|
|
|
2026 |
2025 |
2025 |
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
|
|
|
|
|
|
|
£000s |
£000s |
£000s |
|
ASSETS |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Intangible assets |
|
149 |
149 |
131 |
|
Property, plant and equipment |
|
30 |
47 |
37 |
|
Total non-current assets |
|
179 |
196 |
168 |
|
Current assets |
|
|
|
|
|
Inventories |
|
512 |
46 |
168 |
|
Trade and other receivables |
|
376 |
575 |
620 |
|
Cash and cash equivalents |
|
313 |
585 |
1,058 |
|
Total current assets |
|
1,201 |
1,206 |
1,846 |
|
TOTAL ASSETS |
|
1,380 |
1,402 |
2,014 |
|
EQUITY AND LIABILITIES |
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
|
1,735 |
1,734 |
1,735 |
|
Share premium |
|
31,273 |
30,812 |
31,273 |
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Retained losses |
|
(32,809) |
(31,963) |
(32,294) |
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Warrant reserve |
|
522 |
- |
522 |
|
Total Equity |
|
721 |
583 |
1,236 |
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Current liabilities |
|
|
|
|
|
Trade and other payables |
|
654 |
566 |
773 |
|
Lease liability |
|
5 |
19 |
5 |
|
Total current liabilities |
|
659 |
817 |
778 |
|
Non-current liabilities |
|
|
|
|
|
Provision |
|
- |
2 |
- |
|
Total non-current liabilities |
|
- |
2 |
- |
|
Total liabilities |
|
659 |
819 |
778 |
|
TOTAL EQUITY AND LIABILITIES |
|
1,380 |
1,402 |
2,014 |
STATEMENT OF CHANGES IN EQUITY (UNAUDITED) AS AT 30 JUNE 2026
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|
|
Share |
Share |
Warrant |
Retained |
Total |
|
|
|
capital |
premium |
reserve |
Losses |
equity |
|
|
|
£000s |
£000s |
£000s |
£000s |
£000s |
|
|
|
|
|
|
|
|
|
At 1 January 2025 |
|
1,733 |
29,878 |
232 |
(31,427) |
416 |
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period |
|
- |
- |
- |
(304) |
(304) |
|
Transactions with owners |
|
|
|
|
|
|
|
Shares issued |
|
1 |
779 |
- |
- |
780 |
|
Share issue costs |
|
|
(77) |
- |
- |
(77) |
|
At 30 June 2025 |
|
1,734 |
30,580 |
232 |
(31,731) |
815 |
|
|
|
|
|
|
|
|
|
At 1 July 2025 |
|
1,734 |
30,580 |
232 |
(31,731) |
815 |
|
Total comprehensive loss for the period |
|
- |
- |
- |
(563) |
(563) |
|
Transactions with owners |
|
|
|
|
|
|
|
Shares issued |
|
1 |
1,070 |
- |
- |
1,071 |
|
Share issue costs |
|
- |
(87) |
- |
- |
(87) |
|
Warrant |
|
|
(290) |
290 |
|
- |
|
At 31 December 2025 |
|
1,735 |
31,273 |
522 |
(32,294) |
1,236 |
|
|
|
|
|
|
|
|
|
At 1 January 2026 |
|
1,735 |
31,273 |
522 |
(32,294) |
1,236 |
|
Total comprehensive loss for the period |
|
- |
- |
- |
(515) |
(515) |
|
At 30 June 2026 |
|
1,735 |
31,273 |
522 |
(32,809) |
721 |
STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
|
|
6 months |
6 months |
Year to 31 |
|
|
|
to 30 June |
to 30 June |
December |
|
|
|
2026 |
2025 |
2025 |
|
|
Notes |
Unaudited |
Unaudited |
Audited |
|
|
|
£000s |
£000s |
£000s |
|
Cash flows from operating activities |
|
|
|
|
|
Cash used by operations |
10 |
(731) |
(390) |
(880)
|
|
Corporation tax received |
|
28 |
113 |
113 |
|
Net cash used in operating activities |
|
(703) |
(277) |
(767) |
|
Cash flows from investing activities |
|
|
|
|
|
Purchases of intangible assets |
|
(42) |
(29) |
(34) |
|
Net cash used in investing activities |
|
(42) |
(29) |
(34) |
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from share issues |
|
- |
780 |
1,849 |
|
Share issue costs |
|
- |
(77) |
(165) |
|
Repayment of lease liabilities |
|
- |
- |
(14) |
|
Net cash from financing activities |
|
- |
703 |
1,671 |
|
Net (decrease)/increase in cash and cash equivalents |
|
(745) |
397 |
870 |
|
Cash and cash equivalents at beginning of the year |
|
1,058 |
188 |
188 |
|
Cash and cash equivalents at the end of the period |
|
313 |
585 |
1,058 |
NOTES TO THE INTERIM FINANCIAL INFORMATION (UNAUDITED)
1. Nature of Operations
Metir plc (the “Company”) is registered in England and Wales. The Company’s registered office is at Unit 20, 5 Ash Way, Thorp Arch Estate, Wetherby, LS23 7FA. The Company has two wholly (100%) owned subsidiaries, Modern Water (U.K.) Ltd and Microsaic Systems Trading Ltd, so the financial information relates to these consolidated accounts together with the parent company. Metir is a high technology company supplying Modern Water analytical instruments utilising the Microtox® bio-reagent brand manufactured at our new dedicated laboratory near York, England. The Company also manufactures miniaturised mass spectrometers that are designed to be utilised at point-of-need testing, which can be used complementarily to Modern Water technologies, including PFAS detection.
2. Basis of preparation
The interim financial statements of the Company for the six months ended 30 June 2026, which are unaudited, have been prepared in accordance with the accounting policies set out in the annual report and accounts for the year ended 31 December 2025, which were prepared under International Financial Reporting Standards ("IFRS").
This report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006 and has not been audited. The financial information for the full preceding year is based on the statutory accounts for the year ended 31 December 2025. Those statutory accounts have been published and have been filed with the Registrar of Companies. The auditor’s report on those statutory accounts was unqualified.
As permitted, this interim report has been prepared in accordance with the AIM Rules for Companies and not in accordance with IAS 34 “Interim Financial Reporting” and therefore it is not fully compliant with IFRS.
The interim financial statements are presented in pounds sterling.
3. Critical accounting estimates and judgements
Accounting estimates and judgements are continually evaluated and are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates could, by definition, differ from the actual outcome.
Estimates and adjustments that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out in the annual report and accounts for the year ended 31 December 2025, and no additional items have been identified.
4. Revenues
IFRS 15 provides a single, principles based, five-step model to be applied to all contracts with customers. The five-step framework includes:
- Identify the contract(s) with a customer;
- Identify the performance obligations in the contract;
- Determine the transaction price;
- Allocate the transaction price to the performance obligations in the contract; and
- Recognise revenue when the entity satisfies a performance obligation.
The Company recognises revenue from the following four sources:
- Sale of products;
- Sale of consumables and spare parts;
- Product service and product support; and
- Consultancy services.
All revenues and trade receivables arise from contracts with customers. Revenue is measured based on the consideration which the Company expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The sale of products, consumables and spare
parts is recognised when the sole performance obligation is met which is usually on the goods being made available for collection. For product support services and consultancy services revenue, the performance obligation is satisfied over the duration of the service period and revenue is recognised in line with the satisfaction of the performance obligation.
There is no variable consideration or non-cash consideration.
Sale of products
The Group sells compact mass spectrometers (Microsaic 4500 MiD®) and the Modern Water Microtox® CTM, FX and LX toxicity monitors mainly through OEMs and Distributors. A small proportion of its sales are direct to the customer. Discounts are offered and agreed as part of the contractual terms. Terms are generally Ex Works so control passes when the goods are made available to the customer, although some sales require installation and acceptance testing before payment. Payment terms are generally 30 days from the date of invoice.
Sales of consumables and spare parts
The Group sells consumables and spare parts mainly through OEMs and Distributors. Terms are generally Ex Works so control passes when the goods are made available to the customer. Discounts are offered and agreed as part of the contractual terms. Payment terms are generally 30 days from the date of invoice.
Product service and product support revenue
Product support services to our OEMs and Distributors includes training their sales and service teams and servicing the products from time to time. Discounts are offered and agreed as part of the contractual terms. Payment terms are generally 30 days from the date of invoice.
Usually, there is no obligation on the Group for returns, refunds or similar arrangements. Also, the Group does not manufacture specific items to a customer's specification and no financing component is included in the terms with customers.
The Group provides assurance warranties which are 15 months from the date of shipment for OEMs and Distributors. These warranties confirm that the product complies with agreed-upon specifications.
Consultancy services revenue
Consultancy services comprise science and engineering consultancy, laboratory services, and monitoring services. These services are delivered over a period of time, usually in accordance with a master services agreement and/or statement of works with an agreed outcome at the end of the project or project phase.
Payment terms are generally 30 days from the date of the invoice.
Consultancy services revenue is recognised by reference to the stage of completion of the project or project phase at the balance sheet date as follows:
- Where there are defined project or project phase milestones, the revenue is recognised in full on completion of the project or project phase and on a time basis for the stage of completion where the project or project phase is not completed at the balance sheet date. The stage of completion is recognised as the proportion of time spent on the project or project phase compared with the total time anticipated to complete the project or project phase; and/or
- Where the project is defined with the client in terms of time spent, the revenue is recognised based on consulting time spent on the project by the Group at the time-based rates agreed with the client.
The geographical analysis of revenues (by location of shipment) was as follows:
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2026 |
2025 |
2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£000s |
£000s |
£000s |
|
UK |
13 |
12 |
68 |
|
USA |
78 |
69 |
105 |
|
EU |
77 |
142 |
311 |
|
China |
- |
19 |
114 |
|
ROW |
199 |
677 |
842 |
|
|
367 |
919 |
1,440 |
|
|
|
|
|
|
The product group analysis of revenues was as follows:
|
|||
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2026 |
2025 |
2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£000s |
£000s |
£000s |
|
Equipment sales |
264 |
783 |
1,077 |
|
Reagent sales |
100 |
131 |
233 |
|
Consumables, spare parts and product support and services income |
3 |
5 |
130 |
|
Total
|
367 |
919
|
1,440
|
5. Cost of sales
Cost of sales of products
The cost of sales of mass spectrometers and related equipment is the bought in purchase cost of the product or the transfer value from stock value if a unit has been previously written down.
Cost of sales of consumables and spare parts
The cost of sales of consumable and spare parts is the bought in purchase cost of the consumable or spare part or the transfer value from stock value if an item has been previously written down.
Cost of sales of product service and product support income
The cost of sales of product support services income is the time-based apportionment of the employment costs of the relevant staff spent on the delivery of the product support services income plus any related costs of fulfilment such as travel expenses and any externally incurred direct costs. For the purposes of cost of sales, the employment costs are salaries, pensions and employers national insurance but cost of sales does not include share-based payments nor any apportionment of training or overheads.
Cost of sales of consultancy services revenue
The cost of sales of consultancy services (comprising science and engineering consultancy, laboratory services and monitoring services) is the time-based apportionment of the employment costs of the relevant staff spent on the delivery of this revenue plus any related costs of fulfilment such as travel expenses and any externally incurred direct costs. For the purposes of cost of sales, the employment costs are salaries, pensions and employers' and employees national insurance but does not include share-based payments nor any apportionment of training or overheads.
6. Loss per share
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2026 |
2025 |
2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
|
|
|
Comprehensive loss attributable to equity |
(515) |
(304) |
(865) |
|
shareholders (£000s) |
|
|
|
|
Weighted average number of ordinary |
|
|
|
|
shares for the purpose of basic |
248,549,758 |
192,364,998 |
248,549,758 |
|
and diluted loss per share |
|
|
|
|
Basic and diluted loss per ordinary share (p) |
(0.21)p |
(0.16)p |
(0.35)p |
7. EBITDA Adjusted Loss
A key indicator of performance for the Company is Adjusted EBITDA Loss (Loss of earnings before interest, tax, depreciation, amortisation and other items such as share-based payments and exceptional one-off expenditure). Detailed below is the Adjusted EBITDA Loss for the period:
|
|
6 months |
6 months |
Year to |
|
|
to 30 June |
to 30 June |
31-Dec |
|
|
2026 |
2025 |
2025 |
|
|
Unaudited |
Unaudited |
Unudited |
|
|
|
|
|
|
|
£000s |
£000s |
£000s |
|
Comprehensive loss for period |
(515) |
(304) |
(867) |
|
Adjust for: |
|
|
|
|
Tax on loss on ordinary activities |
(28) |
- |
- |
|
Depreciation of property, plant and equipment |
7 |
21 |
31 |
|
Amortisation of Intangibles |
24 |
22 |
45 |
|
Net finance cost/(income) |
- |
- |
- |
|
EBITDA Adjusted Loss |
(512) |
(261) |
(791) |
8. Employees and employment related costs
|
|
6 months |
6 months |
Year to 31 |
|
2026 Unaudited |
2025 Unaudited |
2025 Audited |
|
|
|
|
|
|
|
Staff Numbers |
|
|
|
|
Directors |
3 |
2 |
3 |
|
Other staff |
2 |
2 |
2 |
|
Average Headcount |
5 |
4 |
5 |
|
|
£000s |
£000s |
£000s |
|
Employment costs (including Directors) |
|
|
|
|
Wages and salaries |
123 |
98 |
227 |
|
Social security costs |
8 |
6 |
13 |
|
Pension costs |
5 |
5 |
8 |
|
|
136 |
109 |
248 |
9. Commitments
As at 30 June 2026, purchase commitments relating to purchase orders placed on, and related contractual arrangements and obligations with, our third-party manufacturers amounted to £219,699 (31 December 2025: £162,154).
10. Cash absorbed by operations
|
|
6 months |
6 months |
Year to 31 |
|
|
to 30 June |
to 30 June |
December |
|
|
2026 |
2025 |
2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£000s |
£000s |
£000s |
|
Total comprehensive loss for the year |
(515) |
(304) |
(867) |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
Amortisation of intangible assets |
24 |
22 |
45 |
|
Depreciation of property, plant and equipment |
7 |
21 |
31 |
|
Tax on loss on ordinary activities |
(28) |
- |
- |
|
|
|
|
|
|
Movements in working capital:
|
|
|
|
|
(Increase)/decrease in inventories |
(344) |
147 |
25 |
|
Decrease in trade and other receivables
|
244 |
120 |
75 |
|
Decrease in trade and other payables |
(119) |
(396) |
(187) |
|
Decrease in provisions for dilapidations & warranty |
- |
- |
(2) |
|
Cash absorbed by operations |
(731) |
(1,186) |
(880) |
11. Related party transactions
During 2026 a company named Swiftpipe Ltd controlled by a common director, Bob Moore, invoiced director service fees of £15,000 in relation to director fees, (H1 2025: £15,000). The year end payable balance outstanding as at 31 December 2025 was £40,000.
On 21 July 2025, Bob Moore, Executive Chairman and Chief Executive Officer, and Dr Nigel Burton, Non-Executive Director, participated in the Company’s fundraising announced on 10 June 2025. Bob Moore subscribed £20,000 for 3,065,134 ordinary shares and Dr Nigel Burton subscribed £50,000 for 7,662,835 ordinary shares, in each case on the same terms as other investors. As directors of the Company, their participation constituted related party transactions pursuant to Rule 13 of the AIM Rules for Companies. The Company's independent director, Dr Chris Potts, having consulted with the Company's nominated adviser at that time being Singer Capital Markets Advisory LLP, considered the terms of their participation to be fair and reasonable insofar as the Company's shareholders were concerned.
On 22 December 2025, Dr Nigel Burton participated in the Company’s placing, subscribing £50,000 for 6,666,667 ordinary shares on the same terms as other investors. As a director of the Company, his participation constituted a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Company's independent directors, being Bob Moore and Dr Chris Potts, having consulted with the Company's nominated adviser at that time being Singer Capital Markets Advisory LLP, considered the terms of Dr Burton's participation to be fair and reasonable insofar as the Company's shareholders were concerned.
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